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Purchasing new truck, Commercial Credit?

Discussion in 'Business Operations' started by kandklandscape, Jan 22, 2008.

  1. kandklandscape

    kandklandscape LawnSite Senior Member
    from PA
    Posts: 341

    How many of you actually use your corp as a gurantor and not personally gurantee?

    Which company is the best to do this with and also with the lowest rates? I would of course prefer a Chevy but what company has the lowest rates? I would sign threw the corp and not give a personal gurantor. I never do this in case something would ever happen. Is there usually a net worth or sales quota that they go by?
  2. willretire@40

    willretire@40 LawnSite Bronze Member
    from VA
    Posts: 1,387

    Ford is about the only one that will do it. If you PG the loan you will proably get it with no problem on any make. Make sure you are filling out a Commerical App.
  3. kandklandscape

    kandklandscape LawnSite Senior Member
    from PA
    Posts: 341

    Normally they require sales to be over net 1 mill, which is not a problem. The problem is we are not sure if we want to buy new or used. New is so expensive plus employees will bang it all up just as much as a 1980 truck. Hit tailgate, back up into a car etc etc etc. You all know the story. We would prefer Chevy but Ford would do for us. Although they seem to be much more expensive for insurance.
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    I have just about given up,,,,,,,,,

    Like you I'm looking at the rates, and it seems that all the dealers want " or try "

    to screw us,

    Good luck and let us know how it turns out
  5. kandklandscape

    kandklandscape LawnSite Senior Member
    from PA
    Posts: 341

    Got a call from the dealership today, ford they said no problem doing the financing threw the biz, but they require 25% down for any commercial customer. Does this sound right going threw Ford credit? They also said that if we went along with there line of credit, we would only have to put down 10k and we could purchase up to 5 new trucks.

    Has anyone else had these same down payments as they are asking for. I Understand that they need them.
  6. stevenf

    stevenf LawnSite Bronze Member
    Posts: 1,612

    Can I finance through my business ( sole proprietor) and they not look at personal cradit? Of is this only with LLC?
  7. grass-scapes

    grass-scapes LawnSite Bronze Member
    Posts: 1,552

    Carmax will finance in the business name, but an officer will need to be on the loan too. They don't report to any credit bureaus, though.

    Chevy has commercial lending division, but require a PG
    Ford does in some cases, depending on the business.

    LLC is going to require a PG no matter what.
  8. PROCUT1

    PROCUT1 LawnSite Platinum Member
    from TN
    Posts: 4,909

    Financed a new diesel 100% through the business with ford. No down payment and 0% interest
  9. paydex

    paydex LawnSite Member
    Posts: 64

    congrats! please give details on how you got it done!

  10. PROCUT1

    PROCUT1 LawnSite Platinum Member
    from TN
    Posts: 4,909

    Wasnt complicated. They had a deal on 06 superdutys with 0% financing.

    Walked in, filled out the application, left with the truck. Same way I always buy trucks.

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